The Board of Directors of First Resources Limited announce that its subsidiary, Ciliandra Perkasa Finance Company Pte. Ltd. (the issuer), has exercised its option to redeem all of its outstanding 10.75% Guaranteed Secured Notes Due 2011 (the Bonds). The outstanding amount of the Bonds as of this date is US$140.8 million.
The redemption of the Bonds will be financed by a combination of internal funds and new bank loans.
First Resources Limited, a company listed in the Singapore stock exchange as the holding company of palm oil plantation holding company of PTCiliandra Perkasa.
The company use fund from the notes generated from the convertible bonds to develop plantation of Ciliandra in West Kalimantan.
Ciliandra, records the planted areas of 100,300 hectares including the plasma plantation of 11,490 hectares with the average 8 years old plantation. The company produces 2.61 million tons of fresh fruit (TBS) and has eight plants processing the CPO with the total capacity of 435 tons of TBS per hour.
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